India, Asean decision on review of free trade agreement in goods expected tomorrow
free trade agreement on goods between India and the 10-nation Asean bloc may be taken up during a meeting in Indonesia on Monday, an official said. The issue will come up for discussion and decision during the India-Asean economic ministers meeting on Monday. The meeting is being held on the sidelines of the ongoing meeting of the Economic ministers of ASEAN.
An Indian delegation is already there for the deliberations. India has asked for the review of the agreement with an aim to eliminate barriers and misuse of the ASEAN India Trade in Goods Agreement, which came into effect on January 1, 2010. «The agenda will come up for discussion and decision tomorrow during the India-Asean (Association of Southeast Asian Nations) economic ministers meeting,» the official said.
Members of the Asean include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. In general, such review exercise includes matters like implementation issues, rules of origin; verification process and release of consignments; customs procedures; further liberalisation of trade in goods; and sharing and exchange of trade data. India on several platforms has asked for a review of the agreement.
A trade expert said that the trade arrangement has to be reciprocal, mutually beneficial and should balance the aspirations of all the partners. «Once the decision on the launch of the Asean-India Trade in Goods Agreement (AITGA) review is taken, formal negotiations for the review will start,» the official said, adding that «AITGA review has been under consideration for a number of years. Joint committee on review has been constituted.
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